Page Industries reports Rs 40 crore net loss

Page Industries reported a net loss of Rs 40 crore ($5.5 million) in the first quarter ended June 2020, as against a net profit of Rs 111 crore it reported in the corresponding period a year ago. The company’s revenue for the quarter under review plummeted 66 percent to Rs 285 crore due to the Covid-19 lockdowns.

Despite the slowdown, Page Industries remains optimistic about the future as it has opened 80 percent of its multi-brand outlets, 96 percent of exclusive brand outlets (EBOs), and 90 percent of large format stores across the country.

While this quarter saw a significant impact of the COVID-19 lockdowns, the operations partially resumed from May. The company is witnessing an increasing trend of sales with greater demand in e-commerce and athleisure product category.There is a huge potential market for all its product categories. The company has always continued to invest in its brands, both online and offline, as well as at point-of-sale. In addition to its strong business presence and robust balance sheet, it continues to strengthen the business across all facets.

Page Industries is the exclusive licensee of Jockey International Inc and Speedo International Ltd in India. The company has over 750 exclusive-brand outlets for Jockey and around 40 outlets for Speedo, spread across 150 cities in India.